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QuickBooks File Evaluation
Here of some of the things I look for when doing a QuickBooks File Evaluation:
- Are your reconciliations current?
- Are there uncleared payments and deposits?
- Are there unapplied payments or credits?
- Is there a balance in undeposited funds?
- Are there small amounts posted to your fixed asset accounts?
- Is inventory allowed to go negative?
- Is inventory being recorded correctly?
- Are there any negative asset accounts other than accumulated depreciation and amortization?
- Are there any negative liability accounts?
- Are bills being paid correctly with a check?
- Are sales tax liability payments being paid correctly and reflecting proper balances?
- Are equity accounts structured correctly?
- Is the opening balance equity account zero?
- Do your balances in QuickBooks tie to your tax return?
- Were there changes made to closed periods?
- Are they any large fluctuations?
- Is the chart of accounts set up appropriate for your business?
- Are items such as service, inventory, sales tax and payroll set up properly?
- Does anything look unusual on the balance sheet or profit and loss?
- Are transactions being allocated correctly to the proper general ledger accounts?
- Are closing dates being set?
I offer quick reviews, full reviews and monthly reviews. I can also customize the review and look only at areas you feel may be inaccurate.
Once the evaluation is complete, I provide you with a report package with comments and recommendations. If there are problem areas the next step is troubleshooting and clean up.